Gazprom International Ltd. ILLC began a competitive process to sell its North Sea assets. The company has placed a call for bids on Gazprombank's e-trading platform.
The company plans to sell its share of Wintershall Noordzee BV (WINZ), a 50-50 joint venture with its European partner Wintershall Dea, and 100% shares of Gazprom International UK Ltd., a subsidiary which holds 24% interest in the Sillimanite gas field development (OGJ Online, Dec. 21, 2023).
The transaction also includes the sale of 100% of the shares of Gazprom UK Ltd., a company that holds Gazprom UK Resources SA which has 20% interest in the Noordzee-operated Wingate gas field development. WINZ also holds interests in a consortium participating in Sillimanite and Wingate gas field developments. Sillimanite and Wingate produced an average of 3,800 boe/d in 2023.
Gazprom’s main producing projects are K18-Golf, Wingate, Q1-B, Q1-D, and Sillimanite, which account for about 90% of the company's extracted products. Extracted natural gas is delivered to the EU market on spot contracts.
Sillimanite is in the British and Dutch sectors of the North Sea shelf and lies about 200 km off the Dutch coast. It was discovered in June 2015. Gas from the field is supplied to the Dutch pipeline system.
Wingate is in Silverpit basin and lies in shallow water within four blocks of the southern part of the British continental shelf of the North Sea. The field was discovered in 2008 and put into operation in 2011. Wingate offshore platform operations are managed remotely from the Dutch coastal city of Den Helder. Gas from the field is supplied to the Dutch pipeline system.
Gazprom became a shareholder of WINZ in 2015 as part of the assets swap between Gazprom and Wintershall Dea.
Bids start at $375 million, according to a tender notice filed with Gazprombank.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
